Smart Real Estate Coaching: Who’s Running the Renovation?
Smart Real Estate Coaching: Who’s Running the
Renovation? – Strategic Real Estate Coach
From meh to magnificent, pay attention to some wise real estate coaching advice about
You followed the sound real estate coaching advice you got about purchases. That’s
great. Your bid has been accepted and you are now the proud owner of a property.
You’re hoping you’ll only be the owner of the property for a brief moment in time
because after the renovations this house will be sure to sell.
Renovations, the time between purchase and resell, it is an important step in the
process. The first step you will want to consider is finding a full-time Renovation
Manager to handle this part of the flip for you. You need someone who’s experienced in
the world of renovations, budgets, materials, and all the work necessary to turn a house
from “meh” to “MAGNIFICENT!” so you can swap that For Sale sign for one that says
The project manager will take care of the steps involved in every successful flip:
1. Demo: New locks installed, utilities transferred, secure the house and get a
dumpster. Then decide what will stay and what will be torn out and thrown into
said dumpster. Then the fun begins with tearing out walls, cabinets and flooring.
2. Mechanicals: Here is one of the big parts of the rehab – the plumbing and
electrical systems. The walls have been taken out and now you see what needs
to be replaced.
3. Walls: Once the mechanicals have been repaired and replaced, the next step is
repairing the walls that have been either removed completely or that need
patching and fixing.
4. Paint: Walls are completed, now it is time to paint them.
5. Installations: Everything that was moved or tossed is now replaced. This may
be the fastest part of the whole rehab.
6. Flooring and final touches: With everything complete and in place, now is the
time to get the floor replaced since there is no chance of spilling paint or
scratching the finish. Finishing touches can range from window treatments to
power-washing the exterior.
The list is pretty standard for any flip and even though you can count all the steps on six
fingers, don’t be deceived into thinking it’s a piece of cake to get it all done. Doing it
right involves a tremendous amount of work. Between details, costs, and schedules, this
phase of the flip is best handled by a pro.
How do you reimburse someone who does this job for you? You want to budget at least
15% to 30% of your rehab budget to pay your Renovation Manager. On a renovation
budget of $30,000 you are looking at paying $4,500 to $9,000 for one job… money well
spent when the result is quality work.
Hire a Renovation Manager to handle the entire process and save you the time and
stress that comes with rehabbing your investment properties. By the time you’re running
multiple simultaneous flips, you’ll count this team member one of the best investments
you’ve ever made.
Launch a house flipping business on your own, without getting real estate coaching, and
you’re guaranteed a long, steep, expensive learning curve. You might find yourself
bruised and bloody (and demolition alone is not nearly as fun as it looks on TV),
figuratively and literally.
It’s a much smarter plan to build a team of people who know what they’re doing, to
make sure every step of your strategy is done right. They say it’s smart if you learn from
your mistakes, but it’s smarter if you learn from someone else’s mistakes. That’s the
point of getting a coach. You learn what actually works, right now, and cut your learning
curve so you make more money, faster. Take a look at the real estate coaching
program from Strategic Real Estate Coach, and be daring!